Do you send money to Nigeria through a digital money transfer service with complete peace of mind? In the digital payments business, artificial intelligence-driven technology is gaining traction in both backend operations and customer-facing payment systems. The digital payments business has been steadily growing over the last few years. Companies are constantly looking for new solutions to assist ensure smooth and effective procedures in order to keep up with the growing number of transactions. The application of artificial intelligence and its use-cases in lowering the number of false positives in fraud and AML monitoring, as well as facial recognition-based payment verification, are currently at the center of this watch.
The payments industry’s never-ending battle is to safeguard the ecosystem against criminals intent on causing financial harm through theft and bogus charges. Payments companies are more devoted to the fight than any other industry to secure online money transfers to Nigeria and worldwide countries. According to Juniper Research, they will invest more in advanced fraud detection and prevention technologies in the future years than in any other industry.
AI can help with pattern recognition and exception detection, reducing fraud in complex, high-volume transactions. However, one of the more noticeable flaws is human error; therefore, adopting task-specific AI to detect suspicious transactions will have a substantial impact on digital payment systems’ overall fraud resistance.
What Is The Latest Development In AI-Enabled Facial Recognition Technology?
Artificial Intelligence-driven facial recognition solutions took prominence during the pandemic. In London, a collection of restaurants and merchants combined the necessity to stop the spread of COVID-19 with the goal of securely processing payments. PopID, or a face-powered payment confirmation system, is the product of the work. The pay-by-face concept has a lot of potential because it involves much less customer participation, which adds to its appeal. For example, Nigerian expatriates in the UK mostly will be using AI-Enabled facial recognition technology to send money to Nigeria online.
The Bottom Line:
Payments fraud is deceptive, difficult to detect, and may cause financial harm to any firm in minutes. Fighting payment fraud should begin with a proactive plan to combat fraud efforts, such as training machine learning models to swiftly detect and respond to threats and then scaling the strategy across all digital business’s selling and service channels. Advancement in the security of payment services over the internet will encourage more and more people to money transfer to Nigeria and other international payments to stabilize the economies of developing countries.